They're letting Spark Unlimited develop it. Given the quality of games that group usually produces--awful, awful, awful stuff, with only infrequent exceptions--they must be cheap. While Lost Planet 2 didn't enjoy huge success, it did inspire a dedicated following. A cheaply developed sequel could do okay for Capcom's bottom line.
"Too often we enjoy the comfort of opinion without the discomfort of thought." - John F. Kennedy on reality
"What if everything you see is more than what you see--the person next to you is a warrior and the space that appears empty is a secret door to another world? What if something appears that shouldn't? You either dismiss it, or you accept that there is much more to the world than you think. Perhaps it really is a doorway, and if you choose to go inside, you'll find many unexpected things." - Shigeru Miyamoto on secret doors to another world